they can't spend the next four years not doing anything about the deficit. we could see a deal to reduce the budget deficit and that would be a net positive for all the financial markets if that happens. but if the republicans were to run the table, you would see a pretty big rally on wall street. >> if president obama stays in office, do you think we'll take another peek at the american jobs act? >> i certainly think that's something the president is going to bring to the table. and perhaps that could be part of a bargain around the debt ceiling. one thing we've heard a lot of talk about, not so much from the white house although they've suggested they're open to it, is some sort of extension not to the payroll tax cut, but something like that. and, actually, just from the economics -- >> which is the only thing that republicans liked over the sum from the american jobs act. >> that's a good point. that's a correct point, thomas. and, look, as an economist, and i've heard economists of all strikes agree with what i'm about to say. that's actually 120 billio